PML-N govt responsible for economic mess: ICST

ISLAMABAD: The Islamabad Chamber of Small Traders (ICST) on Thursday said the previous government of the PML-N is responsible for the economic mess and hoped that the present one will salvage the sinking economy.

The former PML-N government is guilty of rampant inflation, increasing debt, devaluation of local currency, eroding forex reserves and uncertainty that has been damaging the economy, it said.

The PTI government is trying hard to resolve the problems, but it should expedite the decision-making process to soothe the business community, said ICST patron Shahid Rasheed Butt.

Business community trusts the PTI to turn around the economy which is in a crisis, revitalise growth and overcome chronic energy shortage that had crippled businesses. He said that tax collection should be improved by taking all the stakeholders into confidence as the shortfall has jumped to Rs170 billion necessitating a mini-budget.

The government is pinning hopes on a mini-budget to be delivered in the upcoming session of parliament in which minimum burden should be transferred on the masses reeling under problems, he added.

Shahid Rasheed Butt said that rich should be targeted in the second mini-budget of the government and duties should be revised on non-essential imports. The government should avoid indirect taxation to raise the revenue like the previous PML-N government did which contributed to the poverty, he advised.

The business leader said that reduction in expenditures should no longer remain symbolic, poor should be shielded and the cost of doing business in the country should be reduced to attract local and foreign investment.